Jefferies Raises Price Target & Estimates on Biogen (BIIB), Strong Tysabri Sales

Jefferies is maintaining its Buy rating on shares of Biogen (NASDAQ: BIIB), while raising its price target from $120 to $124.00 due to stronger-than-expected Tysabri sales.

Due to strong net patient growth in the U.S. and Europe, BIIB reported sales of $389 million for Tysabri, ahead of the firms forecast of $366 million.

Management noted at the Q2 conference call that it was confident n receiving 10 years of data exclusivity in the EU for BG-12. The company will be able to qualify for data exclusivity with an existing active compound by completing a separate development program and submitting a whole new data package for the compound. Jefferies highlights that could represent a $2 upside to its current valuation.

The firm is raising its 2011 and 2012 EPS estimates from $5.78 and $6.33 to $5.92 and $6.48. Jefferies is also raising its revenue estimates from $4.85 billion and $4.99 billion to $4.94 billion and $5.21 billion.

For more ratings news on Biogen click here and for the rating history of Biogen click here.

Shares of Biogen closed at $105.00 yesterday.

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